EUR/GBP Stays Below 0.8600 – Likely To Drop Further
ByLCMS Traders FX Analysis Team
JUL 13, 2021
EUR/GBP is trading 0.11% higher to 0.8550 ahead of the European session. The intraday support levels are at 0.8533 and 0.8500. The near-term resistance areas are at 0.8588 and 0.8612.
On the intraday charts, a steady decline is taking place with lower lows. The pair is keeping below the moving averages, the SMA-14 is at 0.8570 and the SMA-50 is at 0.8592. The pair is also staying below the mid-Bollinger band (0.8562) while the upper and lower bands are at 0.8608 and 0.8524. Any further contraction in the bands would be an indication of a squeeze. The RSI is below the neutral zone (45) at the momentum. Currently, the narrow trading range suggests a lower move due to the nearby resistance areas which favors selling entries using the following levels
Direction: Sell
Entry: 0.8570
Take Profit: 0.8525
Stop-loss: 0.8610
Bulls require a sustained price action above 0.8580 to gain a higher momentum. On the downside, an intraday closing below 0.8520 would be supportive of the bears and help them extend the downside during this week.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.